The Type of Planning That Is Usually Done by Top

question 23

Multiple Choice

The type of planning that is usually done by top management and is for a period of five years or more into the future, is known as:

• A) Operational planning.
• B) Short-term planning.
• C) Strategic planning.
• D) Intermediate planning.

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Definitions:

Product Variety

The assortment or range of different products that a seller offers, catering to diverse customer preferences and enhancing market competitiveness.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and easy market entry and exit.

X-Inefficiency

Refers to the situation where a firm is not maximizing its potential output due to managerial or organizational inefficiencies, leading to higher production costs than necessary.

Allocative Efficiency

A state of resource utilization where the distribution of goods and services is optimized to meet consumer preferences and maximize overall welfare.